Bold Reforms Poised to Ignite India's Economic Potential

An India-centric US business group has proposed significant reforms ahead of India's Union Budget 2025-26. These recommendations aim to attract foreign investments, simplify tax regimes, and bolster key industries, ensuring sustainable growth and enhancing India's global economic stature.

An American business advocacy group with a focus on India has presented bold reform proposals ahead of the nation's forthcoming Union Budget 2025-26. The recommendations emphasize attracting fresh investments, simplifying complex tax structures, and supporting key industries to boost India's economic standing globally.

The US-India Tax Forum, part of the US-India Strategic Partnership Forum, detailed a plan aiming to enhance transparency and unlock India's full economic potential. Chairperson Tarun Bajaj highlighted the importance of investor confidence and transformative incentives for fostering growth.

Proposals include simplifying Tax Deduction at Source (TDS), aligning tax rates for foreign bank branches with domestic standards, and incentivizing renewable energy and greenfield manufacturing. The reforms intend to create a predictable, transparent environment and position India as a preferred investment destination.

(With inputs from agencies.)